Following up on my prior post on the Icelandic equity market indices. In my opinion, both the all-share index (OMXIPI) and the selection-share index (OMXI15) are now in long-term uptrends,Below I show the performance of the indexes on weekly charts. In September 2024, I drew by hand the blue curved lines. Their upward parts (right sides) serve as potential roadmaps for the indices and might act as possible support areas going forward.If the all-share index takes out the 2488 level in a convincing way, then the zone from the swing high of the year 2022 (2664) up to 2705 becomes the next potential target. Further up is the 2895-2930 target area.My next possible target zone for the selection-share index comes in at 3218-3256.Those target areas assume that the uptrends continue and may be revised up or down depending on the changes in the momentum and trend structures. OMXIPI – Weekly Chart
OMXI15 – Weekly Chart
